Fixed Rate Mortgages
This is where the interest rate is fixed at the outset for a specified period of time and will not change irrespective of changes in the lender's own interest rate, for example if your fixed rate is 5% and the lender's interest rate increases by 0.25% your pay rate will remain at 5%. A booking or arrangement fee is usually payable for this type of mortgage product and the interest rate will revert back to the lenders Standard Variable Rate at the end of the fixed rate period.
